Microeconomics fl cr

SYLLABUS

EC102 Microeconomics Syllabus Lyons.docx

TEXTBOOK


The textbook is Recommended, but not Required - Most students will benefit from reading the textbook.

MICROECONOMICS

by Michael Parkin

13th Edition (the 12th or earlier editions are also OK)

Available at the bookstore and at Amazon.com


*** Additional reading will be assigned during the semester ***


ZOOM

https://loyola.zoom.us/my/thomaslyons... this is the link if we need to have a zoom meeting... the password in on moodle.

LECTURES, READINGS and RESOURCES

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INTRODUCTION

HOW TO PREPARE

STUDENT TECHNOLOGY AGREEMENT

You may not use technology - computers, tablets, phones, earphones - during class. You may use a computer or tablet with written permission from the professor for the purpose of taking notes for the class. The Student Technology Agreement must be completed and signed by the professor if you wish to use your computer or tablet for the purpose of taking notes for the class.

CLASS LECTURE

Economics 0 - Opening Lecture

What is Economics?

HOW TO PREPARE

READ Parkin: Chapter 1 “What is Economics?” (recommended)

Hazlitt uses a metaphor originally from Bastiat to explain that economics requires us to look at all the consequences of actions when evaluating situations. PDF of the whole book.

CLASS LECTURE

Microeconomics 1 - What is Econoimics?

ASSIGNMENTS

The Ford Pinto was a very small car in the 1970's that was thought unsafe after twenty-nine deaths occurred in rear end collisions.

Should the government require Ford to spend $13 on each car to make the Pinto safer? Yes/No? Come to class prepared to defend your position

CLASS DISCUSSION

The Ford Pinto - Part 2 .

Can all risks being eliminated from economic life? Who can best weigh the costs and benefits of risks? The answers are not always obvious.

Production Possibilities Frontier, Opportunity Cost, Marginal Analysis, Economic Growth

HOW TO PREPARE

READ Parkin Chapter 1 - Appendix "Graphs in Economics" (recommended)

READ Parkin: Chapter 2 “The Economic Problem” pages 33-39 (recommended)


CLASS LECTURE

Microeconomics 2a - Production Possibilities, Opportunity Cost, Eco Growth



ASSIGNMENTS

The Costs and Benefits of Driving an Electric Car

In this assignment, you will work individually or with a group to research and document the costs and benefits of an electric car compared to a car with a gasoline powered engine.

  • List all of the costs that you would incur by owning an electric car for 7 years driving 15,000 miles each year.

  • List all of the costs that you would incur by owning an gasoline car for 7 years driving 15,000 miles each year.

  • Which one has a lower cost? Write a brief summary of your conclusion, include comments about the assumptions that you made, and any data quantification issues that you experienced.

  • You will not be assessed by the precision of the facts that you establish - they should be correct, but there may be more than one answer for each data point. Rather, the assessment will be based on the thoroughness of your approach and the completeness of your answer.

  • Print out your analysis and bring it to class - make sure to include all team members names on the printout.

Cost Benefit Comparison: Gas v Electric Car Solution

Division of Labor, Comparative Advantage, Exchange

HOW TO PREPARE

READ Parkin Chapter 2 “The Economic Problem” pages 40-53, 57 (recommended)

CLASS LECTURE

Economics 2b - Division of Labor, Comparative Advantage, Mutually Beneficial Exchange




Utility, Preferences, Consumer Choice, Demand

HOW TO PREPARE

READ Parkin Chapter 8 “Utility and Demand” (recommended)

READ Parkin Chapter 9 “Possibilities, Preferences and Choices” (recommended)

CLASS LECTURE

Microeconomics 8/9 Utility, Preferences, Consumer Choice, Demand

Quiz 1 : "Thinking Like an Economist"

Section 03, 04 : Monday September 26, 2022

Section 03V, 13: Tuesday September 27, 2022

Demand, Supply and Equilibrium

HOW TO PREPARE

Read Parkin Chapter 3, "Demand and Supply" (recommended)

Watch "The Demand Curve" at the Marginal Revolution University

Watch "The Supply Curve" at the Marginal Revolution University

CLASS LECTURES

Microeconomics 3 - Demand
Microeconomics 3 - Supply
Microeconomics 3 - Equilibrium
Microeconomics 3 - Equilibrium Analysis Examples

ASSIGNMENTS

The homework assignments #1, #2, #3 below are to be completed and turned in. The due dates will be announced in class. #8 is an optional assignment if you want more practice.

Homework Supply, Demand and Equilibrium Homework #1
Homework Supply, Demand and Equilibrium Homework #2
Homework Supply, Demand and Equilibrium Homework #3
Supply, Demand and Equilibrium Assignment #8

Elasticity

HOW TO PREPARE

READ Parkin Chapter 4, "Elasticity" (recommended)

CLASS LECTURE

Microeconomics 4 - Elasticity

ASSIGNMENTS

The assignment below is to be completed and turned in. The due date will be announced in class.

Elasticity Homework Assignment #1

Economic Systems and Resource Coordination

HOW TO PREPARE

READ Parkin Chapter 5 “Efficiency and Equity” (recommended)

A short film based on a 1958 essay by Leonard Reed that uses a pencil to illustrate the complexity of the network, which no one overseas, necessary to produce it.

CLASS LECTURE

Microeconomics 5 - Resource Allocation Systems - Efficiency and Equity

Market Intervention

HOW TO PREPARE

READ Parkin Chapter 6 “Government Actions in Markets” (recommended)

In the 1930s, economists debated how a socialist country like Russia/USSR could make economic calculations without free markets, prices and private ownership of the means of production. The "Use of Knowledge in Society" explains the critical role that prices play in an economic system to make economic calculations possible.

The cost of college has gone up significantly in recent years. Why? Part of the reason is because subsidies drive prices up.

The cost of healthcare has gone up significantly in recent years. Why? Part of the reason is cross subsidization that interferes with the market process.

CLASS LECTURE

Microeconomics 6 - Intervention

ASSIGNMENTS

The homework assignments #4, #5 and #6 below are to be completed and turned in. The due dates will be announced in class. #7 is an optional assignment if you want more practice.

Homework Supply, Demand and Equilibrium Homework #4 - Market Intervention
Extra Credit - Supply, Demand and Equilibrium
Supply, Demand and Equilibrium Assignment #6
Supply, Demand and Equilibrium Assignment #7

Test 1

Supply, Demand, Equilibrium, Elasticity, Market Intervention

Section 03V, 13: Thursday October 27, 2022

Section 03, 04 : Friday October 28, 2022


Firms and Organizing Production

HOW TO PREPARE

READ Parkin Chapter 10 "Organizing Production” (recommended)

CLASS LECTURE

Microeconomics - Firms and Production

ASSIGNMENTS

The Economic Profit homework below is to be completed and turned in. The due date will be announced in class.

Economic Profit Assignment #1

Economic Profit Assignment

Output and Costs

HOW TO PREPARE

READ Parkin Chapter 11 "Output and Costs” (recommended)

CLASS LECTURE

Microeconomics - Output and Cost

Perfect Competition

HOW TO PREPARE

READ Parkin Chapter 12 "Perfect Competition” (recommended)

CLASS LECTURE

Microeconomics - Perfect Competition

Monoply

HOW TO PREPARE

READ Parkin Chapter 13 "Monoply” (recommended)

CLASS LECTURE

Microeconomics - Monopoly

Imperfect Competition

HOW TO PREPARE

READ Parkin Chapter 14 "Imperfect Competition” (recommended)

CLASS LECTURE

Microeconomics - Monopolistic Competition

Oligopoly

HOW TO PREPARE

READ Parkin Chapter 15 "Oligopoly” (recommended)

CLASS LECTURE

Microeconomics - Oligopoly

Market Structure and the Competitive Process

HOW TO PREPARE

This business strategy paper uses microeconomics market structure theory to explain how the market process generates low prices, differentiation and high value for consumers.

CLASS LECTURES

Microeconomics - Market Structure and Competition Summary

Test 2

Firms, Market Structure, Competition

Section 03V, 13: Tuesday November 29, 2022

Section 03, 04 : Wednesday November 30, 2022


Public Goods

HOW TO PREPARE

READ Parkin Chapter 16 "Public Goods" (recommended)

CLASS LECTURES

Microeconomics - Public Goods

Externalities

HOW TO PREPARE

READ Parkin Chapter 17 "Externalities" (recommended)

CLASS LECTURE

Microeconomics- Externalities

Markets for Factors of Production

HOW TO PREPARE

READ Parkin Chapter 18 "Markets for Factors of Production" (recommended)

CLASS LECTURE

Microeconomics - Markets for Factors of Production

Information and Uncertainty

HOW TO PREPARE

READ Parkin Chapter 20 “Uncertainty and Information” (recommended)

CLASS LECTURE

Microecomics - 20 - Information and Uncertainty

Summary of Microeconomics

CLASS LECTURE

Microeconomics Summary 2

Final Exam

Section 03V : Thursday December 15 @ 6:30PM, Hopkins Hall Room 250

Section 03 : Friday December 16 @ 1:00PM, Maryland Hall Room 341

Section 13 : Friday December 16 @ 6:30PM, Knott Hall Room B03

Section 04 : Monday December 19 @ 9:00AM, Sellinger Hall Room 104

https://www.loyola.edu/department/records/student-exam